Get Paid Early, the new feature from Monzo

Dr Ross SlaterAugust 22nd, 2019

The two million+ customers of Monzo, the app based challenger bank, will be able to receive their income a day early through the new “Get Paid Early” feature.

The new feature allows customers who receive a salary payment via BACS credit (90% of the UK population receive their income this way) to get their salary payment at 4pm the day before they would normally get paid, instead of midnight. Monzo say that they are able to offer this service because they can be confident the money will actually arrive into the payee’s account, as they can see the payment coming into the system.

The new feature is opt-in so Monzo customers do not need to take advantage of the feature if they do not want to.

Why have Monzo decided to launch this feature?
Interestingly, all banks have access to this information, so could technically advance the payment at this point as well. Whilst Monzo claim that the feature will be especially useful to those who are relying on credit cards and overdrafts to get through the month, Monzo likely have an ulterior motive.

Monzo originally launched as a pre-paid Mastercard that allowed users to budget and manage their money through the integrated smartphone app. Although Monzo shut down its pre-paid card programme last April, instead moving all users over to their current accounts. Many customers have resisted switching to Monzo for their main current account. Instead transferring the disposable portion of their income as they need it.

Monzo now also offers up to £1,000 overdrafts and more recently, competitive loans.

Interested in what the Monzo fuss is all about? Take a look at our Monzo Banking app review here.

Currently you can get £5 when you sign up to Monzo when you use a referral link. Ours can be found here.

Dr Ross Slater

Ross is Expert with Points' main contributor. Sharing his knowledge of various travel reward schemes, to help your travelling go further.